Elevance Health (NYSE:ELV) Price Target Cut to $478.00

Elevance Health (NYSE:ELV) had its target price reduced by equities research analysts at Royal Bank of Canada from $585.00 to $478.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 10.96% from the stock’s previous close.

A number of other brokerages have also recently issued reports on ELV. Barclays boosted their target price on shares of Elevance Health from $611.00 to $622.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Wells Fargo & Company decreased their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. TD Cowen dropped their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. Stephens reissued an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a research report on Thursday, September 5th. Finally, Morgan Stanley started coverage on Elevance Health in a report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $572.27.

Elevance Health Stock Down 3.1 %

Shares of ELV opened at $430.77 on Friday. The firm has a market cap of $100.12 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.08 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. Elevance Health has a 52 week low of $397.98 and a 52 week high of $567.26. The firm’s 50-day simple moving average is $526.74 and its 200 day simple moving average is $527.66.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $8.99 EPS. On average, analysts forecast that Elevance Health will post 37.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,170 shares of company stock valued at $20,638,737. 0.35% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors and hedge funds have recently modified their holdings of ELV. Capital Advisors Ltd. LLC raised its holdings in Elevance Health by 8.8% during the first quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after buying an additional 20 shares during the last quarter. Bedel Financial Consulting Inc. raised its stake in shares of Elevance Health by 1.6% in the first quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after purchasing an additional 20 shares during the last quarter. American Trust lifted its holdings in shares of Elevance Health by 2.6% in the first quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after purchasing an additional 20 shares in the last quarter. Fiduciary Alliance LLC boosted its position in shares of Elevance Health by 3.6% during the first quarter. Fiduciary Alliance LLC now owns 611 shares of the company’s stock valued at $315,000 after buying an additional 21 shares during the last quarter. Finally, Ascent Wealth Partners LLC grew its holdings in Elevance Health by 1.8% during the first quarter. Ascent Wealth Partners LLC now owns 1,193 shares of the company’s stock worth $619,000 after buying an additional 21 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.